Obama administration issues new identity theft rules

Credit and debit card issuers under the authority of the SEC and CFTC will be asked to come up with new rules to authenticate consumer change-of-address requests in order to thwart fraud.

“These rules are a common-sense response to the growing threat of identity theft to all Americans who invest, save, or borrow money,” said SEC Chairwoman Mary Jo White in a statement on Wednesday, only hours as being sworn in as the agency’s new leader.

The rules, which only apply to entities under CFTC and SEC supervision, become effective 30 days after they are published in the Federal Register.